The global cloud billing market size is expected to grow from USD 3.0 billion in 2020 to USD 6.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.6% during the forecast period. Need for lower OPEX and CAPEX is a major driver for the growth of the market during the forecast period.
Solutions segment to hold a larger market size during the forecast period
Cloud billing solutions are tools that perform the billing of cloud-based software and infrastructure and act as a single source of invoicing. Cloud billing solutions include features such as the ability to easily accommodate new SKUs or pricing changes, calculate usage charges, and track third-party billing & payouts. For instance, it can combine solutions such as Microsoft Office 365, Azure, and Cisco into one billing engine and eliminate disparate portals and invoices.
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SMEs segment to grow at the highest CAGR during the forecast period
Organizations with less than 1,000 employees are categorized under the SMEs segment. They have a low marketing budget and often lack the resources and capabilities required for effective marketing orchestration. Customer data is important for any organization. SMEs, with their limited marketing budget, try to scale up their business through cost-effective marketing techniques to generate maximum RoI from their marketing spend. The intense competitive market scenario has encouraged SMEs to invest in cloud billing solutions & services and derive insights from a large pool of data for their business growth.
The cloud billing market comprises major providers, such as Oracle (US), SAP (Germany), Salesforce(US), Zuora(US), Aria System(US), OneBill (US), BillingPlatform(US), Recurly(US), Jamcracker(US), Cerillion(UK), CGI(Canada), ConnectWise(US), Zoho(India), AppDirect(US), CloudBilling(Netherlands), Chargebee(US), RecVue(US), Cloud Assert(US), CloudXchange.io(India), and Chargify(US). The study includes an in-depth competitive analysis of key players in the cloud billing market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements; and geographic expansion, partnerships, and agreements, have been the most dominating strategies adopted by the major players from 2018 to 2020, which helped them strengthen their offerings and broaden their customer base.
In the cloud billing market, Oracle (US) offers NetSuite SuiteBilling, Oracle Communications Billing and Revenue Management (BRM), and PeopleSoft Billing. PeopleSoft Billing is a complete billing system that streamlines the billing process and optimizes collections. Oracle markets and sells its products & services through a network of direct and indirect sales channels to businesses of all sizes in various industries, including consumer goods and retail, utilities, manufacturing, automotive, and transportation & logistics. Although it has the majority of its presence in the US, its offices are also located in Europe, the Middle East & Africa, and Asia Pacific.
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Salesforce(US) provides sales force automation, community management, collaboration, marketing automation, digital commerce, customer service & support, industry-specific solutions, and Salesforce platform. In the cloud billing market, Salesforce offers Salesforce CPQ and Billing. It is a subscription billing software that helps automate subscription needs. Salesforce caters to various industry verticals, including automotive, financial services, life sciences, manufacturing, communications, healthcare, retail, media, and government. The company is present in over 20 countries and regions across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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